The Savings Cap is the maximum level of savings you can hold as a member in your Regular or Special Share Account with us. The share cap is currently €25,000.
The new savings cap came into effect from February 2023.
Our guiding principle in making this decision was to protect the long-term best interest of all members while ensuring we remain operationally sound. The credit union is required to maintain a Regulatory Reserve that supports the credit union’s operations, provides a base for future growth, and protects against the risk of unforeseen losses. The credit union needs to maintain sufficient reserves to ensure continuity and to protect members’ savings.
While this should be good news it is greatly overshadowed by the low-performing investment environment available to us.
Ashbourne Credit Union invests member’s savings prudently ensuring their protection, but the returns on savings and investments are minimal due to continuing low interest rates, including, in some cases, negative interest rates.
The cap has been set at a level so it will impact as few members as possible.
Members are welcome to continue to save with us, up to the €25,000 limit.
We will refund the amount that exceeds the savings cap via cheque or electronic fund transfer to your validated bank account.
The savings cap will be reviewed on a regular basis and judged on its effectiveness and impact on members. Members will be informed if any further changes are made to the savings cap.
The savings cap is at account level. A member may have up to €25,000 in their account they hold with us.
The savings cap applies to Regular Share Accounts and Special Share Accounts.
The savings cap will apply and any funds in excess of €25,000 will be returned to the member.
No there is no monthly lodgement limit for savings each month
Yes. Due to the growth in savings over recent years, we have significant funds available to lend to members.
All members savings are secure. We are a financially strong and stable credit union and your savings continue to be guaranteed by the Government Deposit Guarantee Scheme up to €100,000.
No, quite the opposite in fact. Due to this growth in savings over recent years, we have significant funds available to lend to members.
No. The savings cap is in line with recent similar share caps by most Credit Unions.
It is too early to determine what rate of dividend, if any, the credit union will pay out. We will communicate with members directly to inform them of the dividend once we are able to do so.
You can call our team on (01) 835 1177 during office opening hours or alternatively select register for access and complete and submit our form and a member of our staff will be in touch by phone to finalise your request.
You can call our office on (01) 835 1177 during office opening hours and our team will be happy to re-issue your pin. Alternatively go to Lost Your Pin page then simply complete and submit the online form and a member of staff will be in touch to finalise your request.
If you have not logged into your account in the past 12 months, you will need to register for a new PIN through the Register for Access page. If you are receiving a “Timed Out” message when logging in, please enable cookies on your browser. There is a guide on how to do so available through the Help menu. For any other login issues please contact the office on (01) 835 1177.
SCA stands for Strong Customer Authentication, and it is one of the regulations under the Revised Payment Service Directive (PSD2). It states that a customer must verify their identity before payment information can be exchanged between a financial institution.
SCA codes are automatically sent to the app, regardless of whether a member has our Ashbourne Credit Union app or not, they need to choose to have it sent via text, which is the easier option.
If a member has not used their PIN in the last 12 months they are required to register again.
To access your online account, members will need their account number and PIN. Once this has been entered on the main website www.ashbournecu.ie a code will be sent to the members mobile phone by text message. Once the online access has been activated you can then download the mobile app.
Members will not be charged for this service.
There are various ways in which members can access their accounts. Members can
- Access your account through our online app or online access -please find more info here
- Register for online access -please register here
- Contact us by email:info@ashbournecu.ie and a member of staff will respond to your query
For any queries regarding your account you can call us on (01) 835 1177 to leave a message, and a member of staff will return your call.
You can apply for a loan immediately after you activate you share account
The security for a loan is based on the loan amount and an individual member circumstances. The loan officers will discuss the security required with the member as part of the loan underwriting process.
For Secured Loans the member is required to hold the full amount of the loan value in your share account until your loan is repaid.
Any savings above the amount held as security against a loan can be withdrawn once we receive written instruction.
The top up facility entitles members to apply for a new loan while still repaying an existing loan (max of three per 12 months).
There is no penalty for repaying loans early, no hidden charges.
You may use the document uploader, or email bank statements by PDF to the loans@ashbournecu.ie email account, please quote your member number on all correspondence.
Once approved a loan can be drawn down immediately by calling to the credit union or the loan amount can be transferred to your bank account. Once issued it takes one working day for the funds to reach your bank account.
If you are experiencing financial challenges we are here to help. As always our team are here to help members that face financial difficulty with their loan repayments.
The Cash draw is an exclusive draw only available to members of Ashbourne Credit Union
To enter our Cash Draw please visit www.ashbournecu.ie. Go to our Cash Draw page and you will have the option to enter the draw by printing our Member’s Draw application form. You can scan or post the completed form back to us.
Prizes are cash amounts
An e-statement is an electronic version of your bank statement. It is formatted as a traditional bank statement but is available to download as a PDF file from the Member Online Banking Area.
E-statements are more secure than receiving a statement via traditional mail. The statement is stored on our secure servers and is only accessible via online banking. We will alert you via email when your statement is ready to view. Your statements are available as soon as they are generated instead of needing to wait for mail delivery.
You can Opt-In for e-statements from the Online Banking module within your members area.
Once you are in Online Banking, click in Subscription Services, select Yes, I wish to opt-in for Electronic Statements and click the Submit button.
Since the e-statement is provided to you as a portable document format (PDF) file, you can use your PDF viewer software to save a copy of the statement to your local computer.
You can then back it up electronically for archival purposes. You can also print the statement on your local computer and archive the paper copy if you wish. As with all online banking and personal information, you should ensure your computer is secured.
Yes. The e-statement is delivered to you as a PDF file which you can print on your local printer.
You will need a PDF viewer program. You probably already have one installed. The most commonly used program is Adobe Acrobat reader. These are available to download for free from their makers' respective sites.
Adobe Acrobat Reader is one example of a PDF reader program. To view your e-statements you will need this, or another PDF reader program installed on your computer. These programs are generally available for free download via the web.
You can download Adobe Acrobat reader from the Adobe web site.
If you want a paper statement, simply contact the office and we can have one posted to you.
E-statements can be generated at any time through your online account. Alternatively, you can request a statement be posted to you by calling the office on (01) 835 1177 or by submitting your request via the post/email/Contact Us form.
Loan Protection Insurance cover is provided by Ashbourne Credit Union on the lives of eligible members with credit union loans.
Life Savings Insurance is payable on the death of an eligible member subject to the policy terms and conditions. Ashbourne Credit Union has a maximum limit payable of €3,000.
Yes a family member can apply for our bursary programme, they must become a member first before they can apply.
No, our bursary programme is exclusive to members only. To apply you must first need to apply for membership.
Those applying for a bursary must meet the following Criteria:
- All applicants must be a member of Ashbourne Credit Union
- Applicants must have completed the Leaving Certificate Examination
- Completed applications must be received by end June each year.
- Must be accepted/enrolled in an accredited institution.
- Evidence of College attendance or acceptance to college must be supplied with their application (Student Number and College Fee invoice will be accepted)
- All applications must be submitted by end September each year.
- Children of Staff, Management, Directors, Oversight Board Committee of Ashbourne Credit Union are eligible to apply.
- A family may be in receipt of only one scholarship bursary at any one time.
- The successful winners will be drawn and announced at the credit union AGM.
- The Board of Directors of the Credit Union reserves the right to alter any of these terms and conditions at its sole discretion without prior notice.
- In applying for the bursary, you are agreeing to participate in promotional activities such as photo opportunities or videos arranged by Credit Union, you are also agreeing to your name and photo as the winner of the Bursary being used across our social media and press media outlets.
- Unforeseen circumstances concerning eligibility will be reviewed if they arise during the tenure of an award.
- The decision of the assessment panel will be final. No correspondence will be entered into.
A written request is required to amend or cancel a salary deduction or direct debit payment. This can be submitted via the post, by email via 'Make an Enquiry' form on the website or by logging into your online account and submitting a secure Contact Us form.
The amount of insurance benefit which an eligible member may be entitled to and is in direct proportion to their savings and the age of the member.
To achieve the maximum insurance values, the minimum balance in a member’s savings must be €3,000.00 from the date of the relevant birthday up to the date of death.
Withdrawals will affect the amount payable, as any claim is based on the lowest savings balance for each bracket up to the date of death.
The revised Payment Services Directive (PSD2) is a piece of EU legislation which entered into force in 2015. Among the primary objectives of PSD2 were:
- To protect consumers.
- To give people and small businesses the ability and choice to safely and securely share their financial data in order to get access to better financial services and products.
Being an AISP (Account Information Service Provider) means that a company can ask an individual or business for authorisation to connect to a bank account and use that bank account information to provide a service.
The service provided by an AISP is a regulated payment service.
Businesses who are AISPs are authorised to access bank account information on a ‘read only’ basis. This means that the AISP has access to the account information but will never be able to complete any transactions on your bank account.
Truelayer (Ireland) Limited is the AISP used by the Credit Union to enable Members to provide bank account information digitally, in support of loan applications. Truelayer (Ireland) Limited is registered as an Account Information Service Provider (AISP) with the Central Bank of Ireland (Institution code C433487).
If an AISP is registered in any EU member state, it can provide Account information Services (AIS) to consumers and businesses in any EU member state.
This document explains how the overall process works.
This service eliminates the effort of collecting, printing and returning bank statements to the Credit Union. Instead, your bank account information is transferred electronically to the Credit Union on your behalf (but only when you give authorisation to do so).
Your bank account data will only be used for the purpose of assessing your loan application to the Credit Union.
Truelayer (Ireland) Limited will access your account data only once (immediately after you have given authorisation).
Truelayer (Ireland) Limited will hold your bank account information on their systems for a maximum of one hour after accessing your bank account. After which, your bank account information will be deleted by Truelayer (Ireland) Limited on their systems.
Truelayer (Ireland) Limited will share your bank account information with the Credit Union (after authorisation by you) via the cloud-based loan application assessment system used by the Credit Union.
Truelayer (Ireland) Limited and St Declan’s Ashbourne Credit Union Limited are two separate Data Controllers. Where Truelayer (Ireland) Limited shares bank account information with St Declan’s Ashbourne Credit Union Limited it is based on consent which you provide to Truelayer (Ireland) Limited during the bank account information retrieval process to facilitate the loan application process, when you the Member authorise Truelayer (Ireland) to do so.
Truelayer (Ireland) Limited and St Declan’s Ashbourne Credit Union Limited are two separate Data Controllers, therefore the Member will be able to access their rights separately with each entity. St Declan’s Ashbourne Credit Union Limited’s privacy notice is available here. Truelayer (Ireland) Limited’s privacy policy is available here.
As a Member, this is a new optional service offering directly for you by Truelayer (Ireland) Limited to reduce the time taken to process loan applications and to enhance the loan application process.
As a Member, this optional service is available to you directly at no extra cost.
